Annual Report 2023

Our Annual Report presents the most essential information on our business, operating environment, the implementation of our strategy and comprehensive information on our sustainability efforts.

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Annual Report materials

Better urban living

Kojamo is the largest private residential real estate investment company in Finland as well as one of the biggest investors. Our Lumo brand offers sustainable rental housing and related services for the city dweller who appreciates quality and effortlessness. We want to be the property market frontrunner and the number one choice for our customers. Corporate responsibility and sustainable development form one of our strategic focus areas.

Key figures in 2023

Total revenue

M€

442.2

2022: 413.3 M€ (+7.0%)

Funds From Operations (FFO)

M€

167.2

2022: 160.7 M€ (+4.1%)

Fair value of investment properties

Bn€

8.0

2022: 8.2 Bn€ (-1.4%)

See all key figures p. 8

CEO’s review

We achieved a good result in 2023 in a very challenging market. Total revenue and net rental income increased, and our balance sheet has remained strong. Our rental operations picked up compared to the previous year, and our customer satisfaction improved.

Jani Nieminen
CEO, Kojamo plc

Highlights of the year

• Innovations in the webstore and services
• New properties added to the apartment portfolio
• Systematic sustainability efforts produced good results
• Measures to ensure future profitability

Systematic progress with sustainability programme

Our strategy, values and mission guide us to continuously develop our sustainability efforts. Responsibility and sustainable development constitute one of our strategic focus areas. The emphasis of our sustainability efforts is on sustainable construction, delivering the best customer and employee experience, and housing that supports sustainability.

Risks and opportunities related to climate change

Climate change and the related extreme weather phenomena and other physical threats can potentially have an impact on our properties. The green transition also places demands on our business operations. We report on the related risks and opportunities in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.

Sustainability key figures in 2023

Carbon footprint

tCO2e/apartment

0.8

2022: 1.0 (-16,9 %)

Net Promoter Score

NPS

2022: 45

New employee Net Promoter Score

eNPS

2022: 75

See all key sustainability figures p. 20

A strong balance sheet and diverse sources of financing provide protection in an uncertain market situation

We have maintained a strong balance sheet, which has protected us from the challenges arising from the operating environment. A strong and well-managed balance sheet is a vital aspect of the implementation of our strategy, and we have continued our consistent long-term efforts in that area.

Good progress towards the net zero carbon target

At the heart of Kojamo’s roadmap to carbon-neutral energy use is normal energy efficiency measures. In 2023, the Lumo Heat optimisation concept was introduced at 60 properties. It improves each property’s energy efficiency and the resident experience.

Effective recycling solutions improve resident satisfaction

Sorting and recycling was the theme for 2023 at our Lumo buildings. During the year, we focused particularly on updating the sorting and recycling instructions for residents, increasing sorting and recycling awareness among residents, and improving recycling opportunities in the apartments.

Handbooks support daily work

Kojamo has handbooks for sales and property management to make day-to-day work smoother. The handbooks provide a framework for cooperation and are based on Kojamo’s values. Our goal is to provide our customers with consistent service at each building.

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